Bed Bath and Beyond stock (BBBY) tanks on news of layoffs and stock dilution.
Ryan Cohen, Chairman of the Board of Gamestop, and large investor in BBBY, has sold his entire position of BBBY, having possibly previously made false statements about his intentions.
The astonishing rise and fall of Bed Bath & Beyond’s stock price this month has put a spotlight on the investor Ryan Cohen, who through his social media savvy and his portfolio has become a baron of the meme-stock realm.
Cohen is the chair of GameStop, the video game retailer that was among the first stocks to lift off in early 2021 after its embrace by retail traders congregating on online message boards.
Cohen’s tweets and investments are dissected, copied and amplified on social media sites such as Reddit.
Shares in the homewares company had already been surging when on Monday, August 15, Cohen filed documents with the US Securities and Exchange Commission detailing a previous purchase in February and March of a large number of call options on the stock.
The disclosure helped push Bed Bath & Beyond shares up 30 per cent the next day. On Reddit, a forum member posted a meme with a message written below Cohen’s visage. “Howdy folks,” it read. “This is Ryan from the cockpit we’re expecting some turbulence just remain in your seats.”
There was turbulence. On Wednesday, August 17, Cohen disclosed that he was selling his entire stake, and by Thursday he had fully closed his position with a gain of about $60mn. The sales sparked the worst one-day pullback in the history of Bed Bath & Beyond stock.
So ... on Monday, he publicly announces a huge buy in BBBY call options. On Tuesday, he posts on social media, advertising what he did. On Wednesday, he dumps his entire stock position.
Actions of a scumbag.
“A lot of the interest in Bed Bath as a meme stock had to do with Ryan Cohen’s involvement.”
When Cohen tweeted a frog emoji with a picture of an ice-cream cone in February 2021, Reddit posts launched into theories about what it meant for GameStop shares.
A week after disclosing his stake in Bed Bath & Beyond, Cohen tweeted: “Short sellers are the dumb stormtroopers of the investing galaxy.” The following week the company’s shares climbed to their highest level for the year.
As for Bed Bath & Beyond: “The fundamentals have deteriorated significantly since he took his stake,” said Justin Kleber, an analyst at Baird. The company provided a “strategic update” to investors on Wednesday in which it said it had secured more than $500mn in new financing and also planned to cut jobs and close stores. That sent shares tumbling about 25 per cent shortly after Wall Street’s opening bell.
“The obligation that he has, though, is to speak truthfully about his intentions,” said enforcement lawyer and former SEC assistant director, Gregory Bruch. “If his intentions were different than his actions that is [a] basis to conduct an investigation.”
In a letter to the board when he took his Bed Bath & Beyond stake, Cohen said his investment was “maniacally focused on the long-term”.
Yeah ... riiiiiiight.
Madoff built his business from the ground too. Now Cohen seems to be in trouble. That's the way it works when it looks like taking the money and running with it.
The the most retarded thing I've seen in weeks,maybe months.
Just admit you know absolutely nothing about the situation and move on.
He knows nothing and his post history just shows he's black and white about Jews. He thinks all jews are bad. He doesn't look at actions at all. He judges by race.
He's just trying to use what he thinks we belive to spread FUD.
Probably a shill,for the financial criminal Ken griffin.
Guess what, there's another guy that always shows up in gamestop posts and uses the "muh jew" reference to tell us that it's a bad investment. They both post very long, time invested posts, as if they are concerned about us losing money. Very suspicious. I RARELY see any comments that are longer than a couple paragraphs. Yet these saviors, that are trying to protect us from losing money, go out of their way to help us, while ignoring the facts, only to tell us that "The jew" is bad.
Tell me what is incorrect about my previous statement instead of your extensive use of ad hominems. It's just as useless as shouting is to make a point clearer. It doesn't help you. It's what you say that's important. I previously said:
"All of stock trade to anyone involved is essentially playing a rigged game in a Las Vegas casino. Only the insiders are blessed with making 6 figures off from cattle futures like Hillary did. Yea, she got "lucky", my ass. It was payback just like paying for Hunter Biden's art. You don't know the details and I don't either. Hey, they all said Bernie Madoff was a really nice guy. I suppose Ryan Cohen is too."
I find nothing incorrect in the above statement. You can check all my posts, I don't down-vote anyone, but here on this particular subject it seems like some [people] are acting like an angry hornet's nest. This just perks my interest up more on why the hyperbole and hate? This is a discussion. It's no skin off my back that Cohen might be investigated. I learned long ago in the 1970s and 80s that Wall Street was a rigged game. Just know down-voting works both ways.
I agree it's a riged game,but you know nothing about Ryan Cohen. To compare him to Bernie is beyond ignorant.
Notice I didn't call you ignorant, I said your statement was. And saying I extensively used ad hominemes is is just plain lying.
When you use "you don't know nothing about Ryan Cohen" that is like shouting. It's seems you use down-voting as a preferred exclamation point. There's no context to it other than I happened to disagree with you.
I know Ryan Cohen is Jewish and his rise to fortune is just another familiar 'coincidence' that other Jews like him seem to find all too often. Having nothing at all and then suddenly securing an outside investment from Volition Capital for $15 million is a familiar story. Nothing happens by coincidence. This 28 year old didn't receive 0.15 million or even 1.5 million, it was out of the gates for his first score he gets $15 million. That's one indication that makes me think there's something more going on here. Then, Cohen is suddenly a master at raising venture capital and by 2016, he had raised capital from investors including BlackRock and T. Rowe Price New Horizons Fund. That year the company had $900 million in sales and had become the number 1 online pet retailer. Wow, to me someone is setting up the path for this guy. Next year, he raises $350 million more and sells the business to Pet Smart for $3.35 billion in the largest e-commerce acquisition of all time.
Here's my take on it. I think he's another actor and plays the role as a front to 'certain' insiders. It's the same Khazarian mafia behind the scene. Just as Elon Musk and Zuckerberg having 'connections' were chosen as front men to 'certain' insiders. DARPA and CIA have intrinsic ties to these individuals and families. I already sense with Ryan Cohen there's some 'man-behind-the-curtain' scenario, but I don't know who yet. Perhaps, the SEC might provide insight to this. In time we'll learn more. His road to uber success is too coincidental for me.